Member access

4-Traders Homepage  >  Shares  >  Nyse  >  Southwestern Energy Company    SWN   US8454671095

SummaryQuotesChart AnalysisNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll news 

Southwestern Energy Company : Southwestern Energy Prices $1 Billion In US -Source

02/29/2012 | 03:32pm US/Eastern

(Adds deal size and final pricing terms in first two paragraphs, Fitch note in 4th, 5th paragraphs)

 
   By Patrick McGee 
   Of  
 

Southwestern Energy Co. (SWN) sold $1 billion of 10-year notes in the U.S. credit markets Wednesday, according to a person familiar with the matter.

The 4.10% coupon notes were priced to yield 4.115%, or 2.125 percentage points over the Treasury rate.

The Rule 144A private-placement notes are expected to be rated Baa3 by Moody's Investors Service and BBB-minus by Standard & Poor's and Fitch Ratings--the lowest investment-grade ratings.

Fitch said Wednesday the company has a "strong record" of reserve replacement and production growth and low leverage.

"SWN's reserve growth has been through the drill bit as opposed to the checkbook and has averaged greater than 400% over the last three years," Fitch noted. "The focus of the company has been on its home turf, the Fayetteville Shale play, where it has operated for more than a decade and which has a calculated reserve life of approximately 12 years using 2011's production figures. Fayetteville holds approximately 87% of SWN's total proved reserves."

Southwestern intends to use the proceeds to repay some outstanding debt under a credit facility. It may also use proceeds for general working capital, including to fund 2012 capital programs.

A change of control provision will allow investors to redeem the notes at 101 cents on the dollar in case the company is acquired.

Citigroup and J.P. Morgan are leading the sale.

-By Patrick McGee, Dow Jones Newswires; 212-416-2382; patrick.mcgee@dowjones.com

Latest news on SOUTHWESTERN ENERGY COMPAN
7h agoDJTwo Stocks Burned by Lower Energy Prices -- Barron's
1d agoDJTwo Stocks Burned by Lower Energy Prices -- Barron's
2d ago SOUTHWESTERN ENERGY : Change in Directors or Principal Officers, Financial State..
2d ago SOUTHWESTERN ENERGY : Transcript- Southwestern Energy Announces Acquisition of S..
3d ago SOUTHWESTERN ENERGY : Dial in - SWN 3Q 2014 Earnings Teleconference - 10.24.14 9..
3d ago SOUTHWESTERN ENERGY : Invites You to Join Its Third Quarter 2014 Earnings Confer..
6d ago SOUTHWESTERN ENERGY : Entry into a Material Definitive Agreement, Creation of a ..
6d ago CHESAPEAKE ENERGY : sells shale assets to Southwestern Energy for $5.375 bn
7d ago S&P 500, Nasdaq end higher with energy; Dow down 6th day
10/16 SOUTHWESTERN ENERGY : NYSE stocks posting largest percentage decreases
Advertisement
Chart
Duration : Period :
Southwestern Energy Compan Technical Analysis Chart | SWN | US8454671095 | 4-Traders
Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF